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Tuesday, 7 October 2014

Fertiliser stocks rally, SBI and L&T gain; Sensex choppy

The market continued to see volatility due to lack of triggers. The next trigger for the market is second quarter (July-September) earnings season that will be kicked off by Infosys on Friday. 

The Sensex rose 16.73 points to 26288.70 and the Nifty advanced 6.10 points to 7858.50. About 1200 shares have advanced, 1034 shares declined, and 80 shares are unchanged. 

Larsen and Toubro rallied 2 percent after its subsidiary L&T Tech Services said it will acquire Dell's engineering services business. Competition Commission of India has approved the proposed deal. 

SBI climbed over a percent after CLSA said the lender is its top pick in the PSU banking space. It has a target price of Rs 3160 on the stock given bank's strong deposit franchise and focus to improve core performance. 

Fertiliser stocks like RCF and Chambal Fertilizers rose 2-4 percent after CNBC Awaaz's report suggested that the government has notified new urea investment policy, saying plants will continue to receive subsidy for 8 years post commencement of production. 

However, pharma stocks remained under pressure after the US Congress begun investigation into price hikes of 10 select generic drugs involving players like Sun Pharma, Dr Reddy's Labs and Cadila Healthcare. More information please visit this site

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